No, i understand investing is for the most part a zero sum game....

No, i understand investing is for the most part a zero sum game. HC is the source of some of my best gains and thanks to them, I am sharing my view on the company here. I don't share them anywhere else. My experience is in a lot of technology companies, and I like to think it's of SOME value to anyone who reads it.

". Then you know exactly where each clip of margin is taken."

Yes

"You also know that cost ratio to revenue is decreasing."

Yes. Still high but more importantly, the trajectory is suggesting there is a huge mismatch to what the market was expecting from all the presentations.

Anyway enough of this

My summary: Please keep an eye on the underlying operating margins (not EBITDA - i.e. exclude growth costs).

Good luck to all holders.